Results round-up

Performance materials manufacturer Low & Bonar said its profits increased in the first half of the financial year and are in line with expectations as it seeks to offload its Bonar Natpet joint venture.

On a constant currency basis profit before tax, amortisation and non-recurring items from continuing operations rose by 1% to £10.6m for the six months to 31 May compared to the same period a year ago.

Revenues from continuing operations increased by 2.4% to £180.6m while operating profits increased by 2.3% to £13.3m. The company attributed the growth to robust profits and margin progression in its Building & Industrial, Civil Engineering and Interior & Transportation businesses.

Low & Bonar said it acquired an amortisation of its intangible assets of £1.9m down from £2.1m in 2015. During the six months till the end of May, the company incurred £200,000 non-recurring costs in relation to the construction of the new Colback manufacturing factory in Changzhou, China and £200,000 in relation to the UK pension scheme.

A further £14.3m was spent on capital expenditure. The sale of the grass yarns business, which was announced on Monday, is expected to reduce net debt by about £22m in the second half.

Property company Daejan Holdings announced its preliminary results for the year to 31 March on Wednesday, with its investment property figure growing to £2bn, from a restated £1.86bn last year.

The FTSE 250 firm said its net rental and related income from investment property totalled £68.19bn for the year, from £58.94m, although profit before tax slipped to £173.24m from £277.54m.

Daejan’s total equity was £1.48bn, up from £1.35bn, with equity shareholders’ funds per share sitting at £90.82 compared to £82.59 in 2015.

Earnings per share were £8.77, down significantly from £13.95.

“The board has recommended a final dividend of 58p per share in respect of the year ended 31 March 2016 payable on 11 November 2016 to shareholders on the register on 14 October 2016,” the company’s statement read.

“This will make a total dividend for the year of 93p.”